Global Flexible Packaging Market Opportunities, Size, Share, Growth, Analysis, Future Scope: By Material (Plastic, Paper, Aluminum), Products (Pouches, Bags, Wraps), Printing Technology (Flexography, Digital Printing), Application (Pharmaceutical, Food & Beverages, Personal Care) And Region - Forecast Till 2023
Flexible Packaging Market Synopsis
According to Market Research Future (MRFR)’s analysis, the global flexible packaging market is expected to exhibit a CAGR of 5.92% during the forecast period 2017 to 2023. The report further asserts that the market is presumed to reach a valuation of USD 342.85 Bn by the end of the assessment period. Developments in the packaging industry have motivated the shift from rigid packaging to the consumer-friendly flexible packaging. This ongoing trend is likely to gain more traction in the forthcoming years, thus, augmenting the market in the years to come.
The changing food patterns have paved the way for the demand generation for packaged food. The increasing per capita income in conjunction with increasing standards of living is further expected to boost the demand in the food & beverage industry. This, in turn, is prognosticated to accelerate revenue creation for the participants of the flexible packaging market over the next couple of years.
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The important players of the flexible packaging market profiled in this MRFR report are
- Amcor Limited (Victoria)
- Mondi Group (Johannesburg)
- Constantia Flexibles Group GmbH (Austria)
- Bemis Company Inc. (U.S.)
- Sealed Air Corporation (North Carolina)
- Coveris Holdings S.A. (U.S.)
- Sonoco Products Company (U.S.)
- Huhtamaki Group (Finland), and Ampac Holdings LLC (U.S.)
In April 2019, Huhtamaki, a food, and drink packaging company, has announced the launch of a new range of recyclable flexible packaging, blueloop, made of mono-material PP, PE, and paper.
In April 2019, Tekni-Plex, developer and manufacturer of innovative packaging materials, has entered into an agreement for the purchase of three manufacturing facilities from Amcor’s Flexible Packaging business unit.
In April 2019, ePac Flexible Packaging, a flexible packaging company, has announced its plan of expansion in Europe.
By material, the global Flexible Packaging Market Size has been segmented into plastic, paper, aluminum, and others.
By product, the flexible packaging market has been segmented into pouches, bags, wraps, and others. Among these, the pouches segment is likely to observe massive demand from end-user industries. The segment was valued at USD 85.45 Bn and has been anticipated to thrive at a relatively higher CAGR of 6.95% during the review period.
By technology, the global flexible packaging market has been segmented into flexography, digital printing, and others. The flexography segment is projected to emerge as the fastest growing segment reflecting a CAGR of 5.59% over the assessment period.
By application, the flexible packaging market has been segmented into food & beverage, pharmaceuticals, personal care, and others. Among these, the food & beverage segment is presumed to signify immense growth opportunities owing to the changing food pattern in the fast-developing economies such as China and India among others. The segment is likely to strike a CAGR of 6.12% during the forecast period.
The global flexible packaging market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is a major market for flexible packaging. The boom witnessed in the packaging industry is likely to favor market expansion over the review period. Also, the growth of the end-user industries such as pharmaceuticals, food & beverage, etc. are anticipated to propel the proliferation of the flexible packaging market in the years to come. Asia Pacific is also forecasted to exhibit positive growth owing to the presence of fast-developing economies such as China and India.
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